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Now-casting and the real-time data-flow

Subject

Economics

Publishing details

In Elliott G and Timmermann A, Handbook of Economic Forecasting 2013 Vol 2 Part A:4 p 195-237

Authors / Editors

Giannone D;Banbura M;Modugno M;Reichlin L

Biographies

Lucrezia Reichlin

Publication Year

2013

Abstract

The term now-casting is a contraction for now and forecasting and has been used for a long time in meteorology and recently also in economics. In this chapter we survey recent developments in economic now-casting with special focus on those models that formalize key features of how market participants and policymakers read macroeconomic data releases in real-time, which involves monitoring many data, forming expectations about them and revising the assessment on the state of the economy whenever realizations diverge sizeably from those expectations.

Keywords

Macroeconomic news; Macroeconomic forecasting; High-dimensional data; Real-time data; Mixed frequency; Dynamic factor model, State-space models

Available on ECCH

No


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